SKF India Ltd

About

SKF India is leading supplier of products, solutions & services within rolling bearing, seals, mechatronics, and lubrication system.(Source : 202003 Annual Report Page No:132)

  • Market Cap 14,858 Cr.
  • Current Price 3,005
  • High / Low 3,265 / 1,430
  • Stock P/E 39.4
  • Book Value 316
  • Dividend Yield 0.48 %
  • ROCE 22.6 %
  • ROE 17.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 88.05%

Cons

  • Stock is trading at 9.50 times its book value
  • The company has delivered a poor sales growth of -2.28% over past five years.
  • Debtor days have increased from 66.13 to 79.74 days.

Peer comparison

Sector: Bearings Industry: Bearings

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
766 768 748 777 747 707 610 301 703 819 848 694
643 646 637 657 652 635 548 302 611 638 699 580
Operating Profit 123 122 111 120 95 73 62 -1 92 180 148 114
OPM % 16% 16% 15% 15% 13% 10% 10% -0% 13% 22% 17% 16%
Other Income 21 34 29 17 23 17 46 15 8 9 5 6
Interest 2 2 2 3 2 2 2 0 1 0 0 0
Depreciation 12 11 12 14 14 14 15 14 15 15 14 14
Profit before tax 130 142 127 121 102 73 92 -0 84 174 139 106
Tax % 35% 38% 35% 35% 17% 30% 18% 24% 23% 26% 24% 25%
Net Profit 84 88 82 78 85 51 75 -0 65 128 105 79
EPS in Rs 16.42 17.23 16.63 15.77 17.12 10.35 15.24 -0.05 13.15 25.91 21.21 16.00

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,571 2,068 2,435 2,228 2,275 2,414 2,997 2,631 2,750 3,035 2,842 2,671 3,063
1,408 1,822 2,136 1,969 2,014 2,132 2,636 2,295 2,316 2,549 2,492 2,251 2,529
Operating Profit 163 247 298 258 261 281 362 336 435 486 349 420 534
OPM % 10% 12% 12% 12% 11% 12% 12% 13% 16% 16% 12% 16% 17%
Other Income 10 53 54 68 41 79 101 87 71 92 104 36 27
Interest 1 1 0 0 0 0 0 0 5 8 9 2 2
Depreciation 29 33 39 44 49 54 68 48 46 46 57 58 58
Profit before tax 143 266 314 283 253 306 394 376 455 524 387 396 502
Tax % 34% 33% 34% 33% 34% 34% 35% 35% 35% 36% 25% 25%
Net Profit 94 177 208 190 167 203 256 244 296 336 289 298 377
EPS in Rs 17.87 33.57 39.54 36.05 31.62 38.45 48.53 46.25 57.64 67.92 58.46 60.22 76.27
Dividend Payout % 22% 21% 19% 21% 24% 26% 31% 22% 21% 18% 222% 24%
Compounded Sales Growth
10 Years:3%
5 Years:-2%
3 Years:-1%
TTM:29%
Compounded Profit Growth
10 Years:5%
5 Years:3%
3 Years:0%
TTM:79%
Stock Price CAGR
10 Years:16%
5 Years:16%
3 Years:21%
1 Year:109%
Return on Equity
10 Years:16%
5 Years:16%
3 Years:17%
Last Year:17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
53 53 53 53 53 53 53 53 51 49 49 49
Reserves 662 796 959 1,103 1,223 1,363 1,612 1,758 1,786 1,648 1,856 1,514
Borrowings 0 0 0 0 0 0 65 34 85 90 22 18
366 436 496 444 420 495 419 459 522 510 542 721
Total Liabilities 1,081 1,285 1,508 1,599 1,695 1,911 2,149 2,304 2,444 2,297 2,469 2,303
202 283 318 348 376 347 298 299 293 284 352 345
CWIP 55 36 36 59 25 18 12 35 37 62 41 65
Investments 0 0 0 0 0 20 19 149 154 44 197 2
824 965 1,153 1,192 1,294 1,526 1,820 1,821 1,960 1,906 1,879 1,890
Total Assets 1,081 1,285 1,508 1,599 1,695 1,911 2,149 2,304 2,444 2,297 2,469 2,303

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
227 115 152 199 122 218 26 115 367 181 330 324
-104 -165 -52 -101 -165 -3 -174 147 -265 306 -154 654
-27 -25 -44 -46 -46 -93 49 -126 -225 -477 -178 -652
Net Cash Flow 97 -76 56 52 -89 122 -99 136 -123 11 -2 326

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 50 48 56 52 53 56 59 71 65 63 56 80
Inventory Days 64 65 65 63 65 71 65 94 92 95 92 109
Days Payable 100 84 74 68 64 82 57 68 89 72 84 135
Cash Conversion Cycle 14 30 47 47 54 46 67 97 68 86 64 54
Working Capital Days 39 57 34 37 44 44 64 90 67 71 66 61
ROCE % 24% 34% 34% 26% 23% 23% 25% 21% 24% 28% 19% 23%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
52.32 52.32 52.58 52.58 52.58 52.58 52.58 52.58 52.58 52.58 52.58 52.58
9.25 9.39 7.94 7.98 8.05 7.71 7.27 7.75 7.24 6.53 5.31 5.11
24.98 24.77 25.92 25.92 27.01 27.72 28.54 27.79 27.36 28.11 29.20 27.90
13.45 13.52 13.56 13.52 12.36 11.99 11.61 11.89 12.82 12.79 12.92 14.42

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